Good going for DIFC in 2014
(MENAFN- Khaleej Times) Dubai International Financial Centre (DIFC) recorded an 18 per cent increase in the number of active registered companies operating within it, reaching 1,225 firms at the end of 2014, compared with 1,039 in 2013.
Also, the financial hub issued licences to 242 new companies in 2014, compared with 199 in 2013, representing an increase of 22 per cent. This means that on average, DIFC granted a licence to one new company every working day of the year. Only 2008 registered a higher number of new company licences.
Of the 1,225 active firms, there were 362 financial services firms, up 11 per cent from 327 last year; 682 non-financial services firms (additionally, 10 firms were provisionally approved at the end of 2014), up 21 per cent from the 565 non-financial firms last year, and 171 retailers, up 18 per cent from 145 last year.
Net additional leased commercial space increased 15 per cent, reaching 282,000 sq ft in 2014, versus 245,000 sq ft in 2013. This was one of the highest on record and represents the equivalent of leasing all of the office space available in the Gate Building.
The total workforce in the Centre rose 14 per cent during 2014 to 17,860, from 15,600 at the end of 2013. The number of net new jobs created in 2014 was 42 per cent more than in 2013.
Essa Kazim, Governor of DIFC and Chairman of DIFC Authority, said: "These results demonstrate that DIFC continues to be the destination of choice for regional and international financial services firms looking to access the growing opportunities available in the Middle East, Africa and South Asia. DIFC also facilitates the continued development of South-South trade and investment.
"DIFC is the only centre in this broad region of more than 2.8 billion consumers that not only offers a tested, world-class legal and regulatory regime, but also a globally connected, highly rated financial services environment, a deep pool of talent and expertise, and an attractive business environment and broader city that appeals to global financial professionals."
In October 2014, Dubai was ranked fifth globally among international financial centres by The Banker. Only London, New York, Singapore and Hong Kong ranked higher. In September 2014, the Global Financial Centres Index ranked Dubai as the top centre across the region stretching between Singapore and Switzerland, and named Dubai as one of 10 centres likely to become more significant.
DIFC is home to 21 of the world's top 25 banks, 11 of the world's top 20 money managers, seven of the top 10 insurance companies, and nine of the top 10 law firms.
Demand for DIFC-owned and managed office and retail space remained strong during 2014, with occupancy remaining at nearly 100 per cent. DIFC's fourth Business Centre opened in November, and by December, all 11,000 sq ft of serviced and furnished offices had been leased. The Business Centre is located in Gate Village Building 2.
Also during 2014, the DIFC-managed Al Fattan Currency House achieved 100 per cent occupancy of its office and retail space.
The two-tower Central Park project was completed and handed over in December 2014, adding 1.57 million sq ft of office, residential and retail space to DIFC.
In early November, DIFC Investments launched and priced a $700 million sukuk following a roadshow in Abu Dhabi, Dubai, Hong Kong, Singapore and London that closed with an order book of approximately $3 billion, indicating that the sukuk was approximately 4.3 times oversubscribed.
The strong international investor interest in the sukuk reflects DIFC's solid credit fundamentals and their confidence in the real estate development plans for DIFC.
By listing the sukuk on Nasdaq Dubai, DIFC further strengthens Dubai's position in Islamic finance as it builds its role as the capital of the global Islamic economy.
Also, the financial hub issued licences to 242 new companies in 2014, compared with 199 in 2013, representing an increase of 22 per cent. This means that on average, DIFC granted a licence to one new company every working day of the year. Only 2008 registered a higher number of new company licences.
Of the 1,225 active firms, there were 362 financial services firms, up 11 per cent from 327 last year; 682 non-financial services firms (additionally, 10 firms were provisionally approved at the end of 2014), up 21 per cent from the 565 non-financial firms last year, and 171 retailers, up 18 per cent from 145 last year.
Net additional leased commercial space increased 15 per cent, reaching 282,000 sq ft in 2014, versus 245,000 sq ft in 2013. This was one of the highest on record and represents the equivalent of leasing all of the office space available in the Gate Building.
The total workforce in the Centre rose 14 per cent during 2014 to 17,860, from 15,600 at the end of 2013. The number of net new jobs created in 2014 was 42 per cent more than in 2013.
Essa Kazim, Governor of DIFC and Chairman of DIFC Authority, said: "These results demonstrate that DIFC continues to be the destination of choice for regional and international financial services firms looking to access the growing opportunities available in the Middle East, Africa and South Asia. DIFC also facilitates the continued development of South-South trade and investment.
"DIFC is the only centre in this broad region of more than 2.8 billion consumers that not only offers a tested, world-class legal and regulatory regime, but also a globally connected, highly rated financial services environment, a deep pool of talent and expertise, and an attractive business environment and broader city that appeals to global financial professionals."
In October 2014, Dubai was ranked fifth globally among international financial centres by The Banker. Only London, New York, Singapore and Hong Kong ranked higher. In September 2014, the Global Financial Centres Index ranked Dubai as the top centre across the region stretching between Singapore and Switzerland, and named Dubai as one of 10 centres likely to become more significant.
DIFC is home to 21 of the world's top 25 banks, 11 of the world's top 20 money managers, seven of the top 10 insurance companies, and nine of the top 10 law firms.
Demand for DIFC-owned and managed office and retail space remained strong during 2014, with occupancy remaining at nearly 100 per cent. DIFC's fourth Business Centre opened in November, and by December, all 11,000 sq ft of serviced and furnished offices had been leased. The Business Centre is located in Gate Village Building 2.
Also during 2014, the DIFC-managed Al Fattan Currency House achieved 100 per cent occupancy of its office and retail space.
The two-tower Central Park project was completed and handed over in December 2014, adding 1.57 million sq ft of office, residential and retail space to DIFC.
In early November, DIFC Investments launched and priced a $700 million sukuk following a roadshow in Abu Dhabi, Dubai, Hong Kong, Singapore and London that closed with an order book of approximately $3 billion, indicating that the sukuk was approximately 4.3 times oversubscribed.
The strong international investor interest in the sukuk reflects DIFC's solid credit fundamentals and their confidence in the real estate development plans for DIFC.
By listing the sukuk on Nasdaq Dubai, DIFC further strengthens Dubai's position in Islamic finance as it builds its role as the capital of the global Islamic economy.
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